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Designated as FIZ,Providing Incentives Such as Reduction of Taxes and Rental Fees

국가식품클러스터 외국인투자지역지정 (3)

Hello! This is the blog keeper for the Korea National Food Cluster blog.
It was announced that a part of the Korea National Food Cluster food industrial complex was designated as a “Small and Medium Cooperative Foreign Investment Zone (FIZ).”
The Ministry of Trade, Industry and Energy’s (MOTIE)Foreign Investment Committee (Chairperson: Minister of Trade, Industry and Energy) newly designated 116,000㎡ of the 1,399,000㎡ that made up the Korea National Food Cluster industrial complex in Iksan as a ‘Foreign Investment Zone (FIZ).’
This FIZ designation has laid the groundwork for the Korea National Food Cluster to take off as a food complex with global competitiveness.
Currently, there are 6 food and beverage corporations that showed an early interested in the FIZ and decided to move in, including Czech’s ‘Gold of Prague’. Here are the secrets behind the FIZ’s success!

외국인투자지역 지정 영문블로그

Why are foreign investors flocking to the Korea National Food Cluster FIZ?
As of now, the Korea National Food Cluster FIZ is scheduled to welcome 6 food and beverage manufacturing corporations that have completed their foreign investment reports, including Czech’s ‘Gold of Prague’, in consecutive order. Afterwards, it is expected to revitalize the local economy through USD 23.99 million in investments and the creation of 475 jobs.
In response, the Ministry of Agriculture, Food and Rural Affairs (MAFRA) has designated 116,000㎡ of the Korea National Food Cluster as a FIZ based on the results of foreign investment reports as its 1st phase, and is planning to expand up to 450,000㎡ depending on the progress made in attracting foreign investment corporations in the future.
The Korea National Food Cluster FIZ is providing incentives such as tax and rental fee reductions for foreign investment corporations moving into the industrial complex. As a result, active foreign investments are expected.

◆Benefit 1. Cheap Rental Fee and Tax Benefits
First, foreign investment corporations will be able to use the land at affordable rental fees. The land for the FIZ was joint-purchased by the government and the local government (Iksan-si, Jeollabuk-do), allowing it to be provided to foreign corporations at cheap rental fees. Depending on the investment conditions, corporations may receive up to 75% ~ 100% reductions.
Furthermore, tax benefits are also available. Corporations that invest at least USD 10 million in manufacturing businesses or USD 5 million in logistics companies will receive reductions on national taxes (corporate and income taxes) for 5 years (3 years of 100% exemption, 2 years of 50% reduction) and local taxes (acquisition and property taxes) for 15 years (100% exemption).

◆Benefit 2. Wide Range of Subsidy Support
A wide range of investment subsidies, such as ‘industrial location subsidies’, ‘investment subsidies’, ‘employment subsidies’, and ‘education / training subsidies’ can be received. Details on the subsidies are as shown in the following chart.

* Data Source: Ordinance for corporation and investment attraction of Jeollabuk-do / Enforcement Rule of Ordinance for corporation and investment attraction of Jeollabuk-do / Ordinance for investment attraction and promotion of Iksan-si / Enforcement Rule of Ordinance for investment attraction and promotion of Iksan-si

As shown above, the Korea National Food Cluster does not spare any efforts in its attempts to attract foreign investment corporations that have move into its industrial complex.
The hub of Northeast Asia’s food complex~ The Korea National Food Cluster will become a stage where the dreams of countless foreign investment corporations seeking to make investments come true.

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